Liquidmetal Technologies Inc (LQMT)

[longinus]

Ah. Well that took some digging.

On December 20, 2011, the Company’s former majority owned subsidiary, Liquidmetal Coatings, LLC (“LMC”), entered into a transaction pursuant to which
LMC issued and sold additional membership interests to a related party and third-party investors for an aggregate purchase price of $3 million (the “LMC
Investment”). The LMC Investment was entered into pursuant to a Membership Interest Purchase Agreement between the investors and LMC (the “Purchase
Agreement”). The investors in the LMC Investment were Rockwall Holdings, Inc. (“Rockwall”) and C3 Capital Partners, L.P. and C3 Capital Partners II, L.P.
(the “C3 Entities”). The C3 Entities were minority investors in LMC prior to the transaction, and Rockwall is a company controlled by John Kang, a former
Chief Executive Officer and Chairman of the Company.
The transactions contemplated by the Purchase Agreement were deemed to be effective as of November 30, 2011. In connection with the LMC Investment,
the Company and the C3 Entities agreed to terminate a letter agreement, dated July 30, 2010, under which the Company would have been obligated to
contribute additional capital to LMC if requested by LMC. As a result of the LMC Investment and the termination of such letter agreement, the Company no
longer has any contingent obligation to contribute additional capital to LMC and consequently, the Company’s equity interest in LMC was reduced from
approximately 72.86% to 0.67%. However, the Company did not sell any of its own membership interests in LMC in the transaction. As a result of the
reduction in the Company’s percentage interest in LMC, the Company no longer consolidates LMC’s financial results with the Company’s financial results
and previous results of operations are reclassified as discontinued operations for financial reporting purposes. However, Ricardo Salas, the Company’s
Executive Vice President and Board member, continues to serve as a member of LMC’s board of directors.
In connection with the LMC Investment, the Company entered into a Second Amended and Restated Operating Agreement with LMC and other members of
LMC, and the Company also entered into a Second Amended and Restated License and Technical Support Agreement with LMC terminating certain
technology

LMC is still party to the Apple MTA, and other licensing agreements with LQMT, but I can't find materials to put together an argument for or against our having access to their R&D efforts.